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CNBC
Jan 15, 2010 7:00pm EST
special edition of "the kudlow report," we'll review the washington assault on stocks on wall street and go money and politics. political favoritism, crony capitalism and their negative effect of stocks which suffered in the new year. >>> but an earthquake may be forming in massachusetts where republican scott brown's tax cutting opposition to obama care could pull off one of the greatest political upsets in history against democrat, martha coakley since the truman beat dewey. that could stop the tax and spend virus including the obama care's latest bribe to exempt big labor from the so-called "cadillac insurance tax" until 2018 while the rest of us stiffs have to pay for it. in an era of obama political favoritism this is a new low. fasten your seatbelts, everybody. "the kudlow report" begins right how.ç good evening. i'm larry kudlow. welcome back. we believe that free market capital similar still the best path to prosperity. tonight we'll review the washington assault on stocks and wall street. tonight's money politics message, no wonder stocks had their worst week in the new ye
CNBC
Jan 25, 2010 2:00pm EST
>>> it is 2:00 on wall street and in washington, where even a shockingly bad piece of data on home sales is not holding stocks back yet. the market celebrating sanity in washington, even if brief. today about ben bernanke's potential nomination. it is 1:00 p.m. in dallas where at&t ceo randall stevenson is pondering therapy, tackling what life would be like without steve jobs if steve divorces randall, is at&t a sell? it is 11:00 in seattle where right now homeowners are making payments on mortgages that significantly exceed the value of their homes. there a double standard hurting american homeowners. companies stop paying bad loans and renegotiating them. we'll tackle that. welcome to the show. "street signs." it's a monday. thank you for spending an hour with us. we want to get straight to the trading floors and find out whether you should feel calm and good about the rally or not. bob pisani at big board. david lutz on the stifel nicolaus trading floor. >> reporter: you should feel calm but not complacent. three points i would make. stocks have rebounded today but it's an overs
CNBC
Jan 28, 2010 6:00am EST
>>> good morning. from washington to wall street, with main street on the mind, the president promising to take on the devastation. >> despite our hardships, our union is strong. we do not give up. we do not quit. we do not allow fear or division to break our spirit. in this new decade, it's time the american people get a government that matches their decency, that embodies their strength. >> today, americans and the markets react. we'll have complete coverage, plus a flurry of corporate reports today, like proctor & gamble, 3m, ford and more. and i'm back in the studio, but becky is still reporting live from davos against this morning. beck. >> that is right, joe. everything from president obama's state of the union address through the corporate headlines. the biggest names in business and politics, we're watching it all from here and we're commenting throughout the day. "squawk box" begins right now. >> this is a special presentation of "squawk box" with joe kernen, becky quick reporting live from davos, switzerland, and carl quintanilla on capitol hill. >> good morning and
CNBC
Jan 19, 2010 7:00pm EST
happy with how things have been going in washington. and that may get help to vote for brown. others have been very much in support of coakley saying that they believe that she would more match the ideas of, foegs, ted kennedy's legacy. and they've tried to get out the vote today. they have a much stronger organization to do those things of getting people to the polls because of all of the democrats' history here and their usual dominance in these elections. so part of it is energy versus organization in how things will play out today. and from what we've been hearing checking in with different polling places, the turnout has been bigger than you would ever expect for a special election. more like a midterm election, but not rising to the level of when a presidential race is on the ballot. so this has gotten huge attention here in boston. it's raleally is snapshot of th discontent. and for some they're imposing on to scott brown a chance to do something differently even if they're not entirely sure about all of his views. and martha coakley who remains popular here has been hit with
CNBC
Jan 29, 2010 12:00pm EST
washington correspondent john harwood, give us the lowdown, john. >> reporter: dennis, the president's trying to follow through on the outreach to republicans he had in the state of the union address. now, i think in all candor, we have to say that neither side expects very much to come from this. because there's big philosophic disagreements. the president did not get support from republicans on the stimulus plan. he's got a big ambitious agenda. here's one reason why the president has a strong hand, though, in that discussion as an individual leader. look at this -- these numbers from the new nbc wall street journal poll about who the public holds responsible for the lack of action in washington. 27% say president obama, 41% say congressional democrats, but most of all, 48% say congressional republicans. now -- >> that's more than 100%, doesn't it? >> reporter: no, no, that's -- each person is asked to give an assessment, and it's not -- no, it's not supposed to total up to 100%. >> let's listen in to the president. >> thank you so much. thank you. thank you. thank you very much. tha
CNBC
Jan 14, 2010 2:00pm EST
begins right now. >>> it is 2:00 in washington, where president obama say his wants our money back and he's going to get it. he calls wall street irresponsible, obscene, reckless. congressman barney frank here to weigh in. investors are ignoring washington's wrath. the dow is positive by 26 points. predict, dow 15,000, not even at 11 so far. too good to be true? we'll talk about that about. it's 1:00 in dallas, we'll flare the most outspoken member of the federal reserve. welcome to a very busy "street signs" on this thursday afternoon. i'm erin burnett. and we have some of the big of the people here on all of the issues joining us. congressman barney frank, fed president richard fisher and glenn hub board, all with us today. proposed bank tax by the white house and the use of the words obscene, reckless, distasteful by the president to describe certain practices on wall street. is this politics or not? joining us to talk about it, congressman barney frank, chairman of the house finances services committee. i want to begin with a comment or a quote here by the president, when he spoke
CNBC
Jan 27, 2010 7:00pm EST
washington, d.c. we are live from the russell senate office building rotunda. just across the street, president obama will deliver his state of the union speech in a couple of hours, and we wonder, will mr. obama reset his presidency? will we hear a great state of the eun message or will we hear a bank state of the union? what about permanent tax cuts for jobs and economic growth? the stock market, which has been in a malaise and will we vote tomorrow on what mr. obama says tonight. but first, on this program, we will speak to key senators in the speaker and the house. we will have money and politics analysts. fasten your seat belts, everyone, "the kudlow report" begins now. >> the state of the union, a special edition of the kudlow report. live from washington. >> good evening, everybody. i'm larry kudlow. welcome to a special edition of the kudlow report. we're live in washington where there are cameras and media surrounding us everywhere to our left and our right. let us begin with tonight's money politics message. obviously this is the lead story, president obama's state of the u
CNBC
Jan 25, 2010 7:00pm EST
its bullishness for stocks. washington is going to decide this week whether easy money is here to stay. how should investors position themselves for a possible fed shakeout? we have stanford university economic's professor, john taylor. peter navarro, business professor at the university of california in irvine. and don lus kin and trend macro chief investment officer. i want to go to peter's great stock market stuff. where is that? i thought we were going to put it up on the full screen? here it is. peter, i want to begin with you to put a stock market or financial strategy spin. you're saying that there's a couple of possible bernanke trades. if it's a kensian easy money fed you go short the dollar. short the long bond. sell the long bond. play the carry trade, which is probably very bullish for commodities and then you say go short housing. i'll come back to that. on the other hand, if a miracle happens and bernanke changes his view, or maybe we get a hard money guy like one of our distinguished guests, you're saying you go long the dollar, short the short end of the yield curv
CNBC
Jan 15, 2010 2:00pm EST
washington where the question remains, where next president obama's collision course with wall street will take america. his strategists having decisively chosen to pick a fight in advance of the state of the union and that promise to tackle the deficit. >> agents that seek to extract cash from those wanting to raise a white flag on housing misery. result of a special cnbc investigation. good afternoon, i'm simon hobs. welcome to "street signs," time in for erin burnett. our market reporters, mike huckman. scott wapner. these are blow-out earnings from intel. a good headline figure from jpmorgan. >> yeah, absolutely, simon. but there are overriding concerns about both consumer and commercial credit, certainly on the jpmorgan side. as it relates across the whole financial space, you list it at top of the show, financials one of the reasons why we're today. semiconductor another reason. add commodities to the list as well. a dollar increasing and gold and oil down. all of the subsequent stocks that go along with nose two commodities are down as well. take a look at jpmorgan chart, better tha
CNBC
Jan 27, 2010 9:00pm EST
rewarded but hard work on main street isn't. or why washington has been unable or unwilling to solve any of our problems. they're tired of the partisanship and the shouting and the pettiness. they know we can't afford it. not now. so we face big and difficult challenges. and what the american people hope, what they deserve, is for all of us, democrats and republicans, to work through our differences, to overcome the numbing weight of our politics. for while the people who sent us here have different backgrounds, different stories, different beliefs, the anxieties they face are the same. the aspirations they hold are shared. a job that pays the bills. a chance to get ahead. most of all, the ability to give their children a better life. you know what else they share? they share a stubborn resilience in the face of adversity. after one of the most difficult years in our history, they remain busy building cars and teaching kids, starting businesses and going back to school, coaching little league and helping their neighbors. one woman wrote to me and said, we are strained but hopeful. st
CNBC
Jan 26, 2010 7:00pm EST
releases its deficit forecast today. cnbc's hampton pearson joins us now in washington, d.c., with all the details. good evening, hampton. >> good evening. congressional budget office predict as $1.35 trillion deficit this year about 9.2% of gdp, slight improvement from last august with a cbo forecast for $1.4 trillion in deficit. 9.9% of gdp. jobs bill and more war spending could increase this year's deficit. economic outlook foresees a sluggish recovery with unemployment ranchlging 10.1% this year. just 2% gdp growth says the cbo in 2011, unemployment rate hovers around 9.5%. deficit could drop to $890 billion but only if most of the bush tax cuts expire. tomorrow's state of the union address and next week's budget release, president president obama will propose a three-year freeze on domestic budgets. estimated savings about $250 billion over ten years and it will barely dent the deficit. budget director or zack says that it is not the only initiative being looked at. >> this is one component of what we will be doing. full details monday for the rest of the budget. but given the opposit
CNBC
Jan 26, 2010 12:00pm EST
tomorrow night. we also have new forecasts on the nation's budget deficit. our chief washington correspondent john harwood has the details. john, so take us through it. the deficit numbers are really shocking. >> well, they're shocking. they're slightly less shocking than they were before the omb came up with this number. we have a $1.3 trillion deficit forecast for 2010. a little over 9% of gdp that is smaller than the 1.4 trillion last year in the earlier omb estimate and the key word for the obama administration today is freeze. the president's aides put out the word in an embargo briefing that the president would propose a three-year freeze on domestic discretionary program that did not inrovolve security. not the home lann security department. this would affect 17% of the federal budget. a very limited scope and it would save $250 billion over ten years. just $10 billion or $15 billion is the difficult balancing act. the president will also talk about in the state of the union about the bipartisan commission that's been talked about on capitol hill, but at the same time he'
CNBC
Jan 13, 2010 6:00am EST
>>> good morning. washington wants the white house, taking credit for the creation of 2 million jobs and preparing to announce t.a.r.p. fees. >>> china challenges, google threatens to pull out of the country and the u.s. equities at this hour, under a bit of appreciate dwrur and around the flat line as "squawk box" begins right now. >> good wednesday morning. welcome to squawk here on cnbc. i'm carl quintanilla along with joe kernen and carl quintanilla. i want to get to this morning's headlines. the white house says emergency spending measures last year saved up to 2 million jobs. harwood will join us in a few minutes with the latest on that. a senior administration officials says the president will announce plans tomorrow to raise up to $120 billion for fees on major financial firms. society generale issuing a mrovt warning today. the bank hit by new write-downs to the tune of 2 billion from risky assets. we will head overseas for reaction in a few minutes. >>> and a major earthquake hit haiti. and google, you saw this, threatening to leave china. the tech giant warns it will
CNBC
Jan 5, 2010 7:00pm EST
bring free market principles back to washington come november? joining us now to discuss this, we have cnbc contributor, form labor secretary, robert reich, the author of "supercapitalism." we also have matthew continetti and author of the persecution of sarah palin. now, let me start with matt don continetti. you're up against the best in the business, former secretary robert reich. now, i want to ask you about tea party based free market populism. is it overtaking this left liberal big government, obama care tax and spend populism that has so many up here on wall street worried? >> not in washington, larry. and that's for now the tax and spend populists are still in control. but when you look at the country at large and where the public is moving, those independent voters who will be so critical in this year's midterm elections, they're running away from washington and toward the tea partiers. >> so secretary reich, good to see you. happy new year. >> happy new year to you. i hope 2010 is even better than 2009 for you. >> well, i hope so, too. and for you. and for all our viewers. an
CNBC
Jan 6, 2010 2:00pm EST
a huge political shake-up in washington. two democratic senators including christopher dodd and the other would be byron dorgan, they're not running for re-election. six republican senators are also leaving. a lot of defection everywhere. how big an effect will have this on wall street. chief washington correspondent john harwood is with us. i guess, i'm curious what this will do to wall street. is it unusual to have this many senators saying forget it. >> especially not unusual, erin, when you've got the voters in a very, very bad mood. right now people are unhappy with washington. they're looking at 10% unemployment, looking at gridlock that the appearance of gridlock at least in washington. wondering whether the standard of living for them and their children will be better than in the past and looking for change. you look at our nbc "wall street journal" poll, you see strong numbers saying it's time to elect a new member of congress rather than give the incumbent member a chance. that is a toxic mix for incumbents and particularly for the governing party where democrats are right
CNBC
Jan 20, 2010 11:00am EST
and diana ole sick in washington. responding to a lot of pressure, diana. >> the rising number of blink wenses among fha-backed loans are increasing pressure on the government loan insurer to shore up and that's precisely what it's doing today. the fha will raise its up-front insurance premium from 1.75% of the loan to 2.25%. that's the second time it's raised that premium in two years. most borrowers roll that cost into the loan. next, it will ask congress for the authority to increase the maximum premium and then to down payments. the fha requires a minimum 3.5% down payment which is why it's currently more popular, most lenders are requiring 20% down. the fha will continue that for borrowers with at least a 580 fico score, but for those lower than that they will require 10% down. the fha is reducing the amount of seller concessions and how much a seller can kick in on the home sale from 6% to 3%. that actually brings it more in line with the industry standard. finally, the fha is doing even more to increase enforcement on fha lenders. some of which are showing far more delinque
CNBC
Jan 28, 2010 3:00pm EST
later this hour. we are showing you a live picture of the debate that's happening in washington. right now we're keeping a tal leave the votes. last we saw 51 yes, 23 nos. that's according to reuters who is keeping tabs and we've got steve liesman coming up as well. >> meanwhile, maria bartiromo is in davos, switzerland, for the world economic forum. she'll be talking to some of the most influential economic minds in the world including blackstone chairman and ceo, steve schwarzman but first let's take a look at where the major indices are trading and it has been another poor day today. apart from yesterday, of course typically in this last hour, we have seen selling come in right in this final 60 minutes of trade. for the most the dow jones industrial average is down. at the nasdaq we've there a bad day for technology today on qualcomm, on motorola, disappointment on apple and i just want to talk about the levels on the s&p. importantly today we broke obvious support at 1085. we based that -- that was the base that we had, established over six weeks at the end of last year. we
CNBC
Jan 29, 2010 6:00pm EST
prin and so much tack use can raise to keep up with the washington gravy train and eventually washington will come back to reachlt think the voters of massachusetts made that very clear. >> so you do believe somebody in washington heard what the voters did. >> and i think unfortunately you need a message lie massachusetts to get it across, and i believe it's going to have to happen two or three times. we're in worse shape here in california. our california government has got some horrible policies for businesses. companies are leaving the state. and we have 12.4% unemployment. our governments need to reform. >> thank you for speaking out. everyone else is afraid to. dr. rodgers, thank you for coming on the phone. >> dr. roj jers, look, hid record speaks for itself. i tell you i've never seen this company's good shape and i followed it since he invepted it. keep this one in mind when the mutual funds are finally done selling because this is one you want to stay with. and stay with cramer. >> coming up, jim goes high volt taj into the fast-fire lightning round. and later whether
CNBC
Jan 27, 2010 6:00am EST
washington, get the details from our mary thompson in just a minute. first, though, let's head back to becky for a look at today's mega guest lineup from davos where i think everybody came back this year to davos. a lot of those bankers that skipped it last year, beck, but they've got quasi swagger. i don't know. maybe not. probably not all in armanni suits this time. they're probably dressed down alg bit, right? >> no, they're not. in fact, some of them didn't come this time. jamie dimon didn't come this year. there is not a lot of swagger. at had this point, this is more about looking back after the global economic crisis and breakdown. this is more about trying to rebuild trust and trying to rethink a lot of things. everything to how markets are formed, what is fair in capitalism to actually how capitalism works and if it does. the very tough economists in the world are here to talk about issues like that. in fact, joining us in just a moment were we're going to talk to him about what he sees. he'll be join us in just a moment. also, we'll be talking later this hours about professor
CNBC
Jan 26, 2010 2:00pm EST
. >>> it is 2:00 in washington, where congress has its hands full as the deficit continues to mount and the budget chief says the outlook is bleak. he'll tell us why in a moment. >>> and it's 2:00 in detroit, where gm is hard at work hammering out a pay package for its new ceo. how much is ed whitacre worth? >>> at 2:00 in the treasury buildinging secretary tim geithner is awaiting the verdict, your verdict, of whether he's good for america's money. thousand have voted. tim geithner, moment of the truth is coming. right here on "street signs." good afternoon, i'm erin burnett. the big story of the day disturbingly large deficit. projected deficit for 2010 is $1.3 trillion. the biggest deficit since world war ii. projected deficits will be $600 billion a year through 2020. what does this moon? will obama's budget freeze mean anything? joining us from washington, d.c., for his first ever television interview, director of the congressional budget offices. steve liesman is also with us today. thanks to both of you, we appreciate it. i'll get it started, steve, i know, has many questions for
CNBC
Jan 8, 2010 4:00pm EST
slack in the economy, you continue to have a very undisciplined approach coming out of washington with regard to fiscal policy. with no road map back to sustainable fiscal balances over the intermediate term causing fears in the markets like you see somewhat today in terms of gold, in terms of the dollar, in terms of long treasuries. secondly, you could have a geopolitical event that would restrict world oil supplies with the issues going on in iran today. i would put the probability of both of those events as being relatively low and wouldn't expect those to happen but those would be the two primary risks that i wouldy. >> all right, gentlemen, great conversation. appreciate it. see you soon. thanks very much. thank you so much. take a look at some of the other business headlines that we're covering this afternoon and kick it off with white house press secretary robert gibbs telling reporters today that president obama still has confidence in treasury secretary timothy geithner. this is as house oversight committee towns says whether the fed improperly influenced aig to hold details f
CNBC
Jan 20, 2010 9:00am EST
harwood is our chief washington correspondent. john, this was amazing just to watch it last night. >> an absolutely stunning result, erin, to have the republican win in massachusetts. the one thing that scott brown made clear was that this seat in massachusetts does not belong to what ted kennedy represented. listen to scott brown last night. >> most of all, i will remember that while the honor is mine this senate seat belongs to no one person, no one political party, and as i said before, and you've heard it today and you'll hear it loud and clear, this is the people's seat. >> now, what has triggered, erin, is a gut check for democrats who have got to decide, do they scale back president obama's agenda or do they keep going forward in the belief that their priorities, the ones that barack obama ran on, the ones that the democrats ran on, are what they need to deliver to voters and gives them the best chance of surviving the 2010 mid terms. nobody knows the answer to that and nobody knows how great this panic is going to be within the democratic caucus, whether it's going to over
CNBC
Jan 13, 2010 12:00pm EST
it from washington, there, david faber with jamie dimon. we will continue our coverage and discussion of this remarkable day on capitol hill where the financial crisis inquiry commission heldst first of several hearings and we're going to continue that conversation with our panel right after this break. >>> welcome back. the market itself is up 50 point on the dow jones industrial average and one of the win sers j.p. morgan case. you just heard first here on cnbc from jamie dimon, the head of j.p. morgan and the stock is up 2%, 87 cents to 44.36 and he was interviewed moments ago by our david faber and our esteemed panel which david is now part of is rejoining us and i promised david cotock i'll get to you in just a moment. david faber, i found mr. dimon's comments very interesting, one that they have actually used the clawback measure. we haven't heard any of the bankers yet mention the fact that they have done that. >> you know, sue, we're going to sit down, mr. angelides who is running this commission, if that's okay. >> yes. >> can we do that? >> sure. i'll get back to
CNBC
Jan 29, 2010 2:00pm EST
"the washington post." >> the same old i'll slap you, you slap me. there aren't fact checkers in the room to nail these guys one way or the other. >> unfortunately -- >> it leaves a bad taste. >> adds to the cynicism we have about anybody able to get anything done. >> but that's what people are going to remember. people will remember the last exchange rather than the constructive things that went on. >> both sides made to get together. >> since the dawn of the united states, we'll read about the founding fathers they didn't like each other either. >> sure didn't. >> important technical close. watch the 1085 level in the s&p. if we break that, more downside momentum. the dow is up 11 points on the trading session. >> a very busy week. the next one coming up, just as busy nap will do it for "power lunch" for today. >> have a great weekend. >>> it is 2:00 on wall street where we keep attempting to build back early gains triggered by today's knock-out gdp figure. the market heading for a 3% loss for january. does that mean we're heading for a significant pullback? it's 8:00 in davos work
CNBC
Jan 22, 2010 6:00pm EST
speculate on the explosive demand and short supply of bandwidth without worry from washington, i think you should take a look at cogent communications, ccoi, the ultralow cost high speed internet provider. after the break, i'll try to save you more money. >>> coming up, which health care plates are ready for the e.r.? dr. cramer examines the sector for the stocks in need of urgent care on an all new sell block. >>> trying to stay on steady ground with "am i diversified?" all coming up on "mad money." would you like a pony ? yeah. would you like a pony ? yeah ! ( cluck, cluck, cluck ) oh, wowww ! that's fun ! you didn't say i could have a real one. well, you didn't ask. even kids know when it's wrong to hold out on somebody. why don't banks ? we're ally, a new bank that alerts you when your money could be working harder and earning more. it's just the right thing to do. it has the agility and the power to take on any mission, and the space to accommodate precious cargo, because every great action hero needs a vehicle. see your lexus dealer. ♪ right now 1.2 million people are on
CNBC
Jan 15, 2010 6:00pm EST
acme dynamite. you know what? washington's in no mood for great earnings from these clowns so there is no incentives for these banks to blow out the numbers. they won't want to tell a good story. all that will do is make higher taxes for them. would you tell a good story and then get taxed? no. tell a bad story and avoid the tax. these companies know what's god f good for them. i suspect we'll see a subdued group and subdued reaction. bankers don't favor being drawn in quarters. they don't seem to like being dangled from meat hooks. i don't feel that way about tech. i think intel actually had a supercall fragilistic ex-peaalldocious quarter. they had a i love you, you love me quarter. i think when we see from ibm on tuesday, that's always an easy one, ibm on tuesday. stx and sky works. that's david aldrich. maybe we'll give him a sijingle. thursday, amd, one of our favorite specks. i think we're going to huge numbers from all of these and hear a terrific story about what? of course the mobile internet tsunami. i expect by the time we get to google -- googlelicious, by the time we ge
CNBC
Jan 26, 2010 3:00pm EST
$1.3 trillion of federal red ink. how can washington create job and cut spending at the same time? live from the new york stock exchange this is the final and most important hour of the trading day. >> i'm scott whopner hi, sue. >> hi, scott. i'm sue herrera filling in for maria bartiromo. the federal budget office predicting the deficit hits $1.3 trillion. peter orszag tells us what the white house is planning to do to come pat that massive deficit and fix the economy. let's look how the major indices are trading. dow jones industrial average 10,255.36, nasdaq ahead of key tech earnings up nine points 2,219.90. the s&p 500 is trading on the upside by 3.64 to 1,100.42. >> we begin with bob pisani. >> reporter: we were up earlier in the day. it is 2:00 well, a little after 3:00. we are starting to see the stocks come off their highs. the important thing last week notice stocks were down big on very heavy volume. the first two days of this week what have we seen? stocks up modestly on lighter volume. that is a change in momentum and affecting the psychology. some negatives some posi
CNBC
Jan 26, 2010 5:00pm EST
yourself. a washington insider is telling us tomorrow's aig hearing could take geithner down and maybe your stocks along with them. find out why. but first our "fast money" gang is trading yahoo! furiously afterhours. jim goldman is on the conference call. we'll bring you the latest in a minute. but, pete, what do you make of those numbers? >> i think when you break down the numbers, they look pretty strong. when you look at top end of the revenue, you've got to like that. then when you look at the display ads, that's when carol barts said we're starting to see momentum. across the board, decent. not unbelievable numbers, not blowout numbers. they're in line when you look at earn beings at 11 cents. this is exactly what carol barts has said. going into 2010, she loves the momentum, i like the momentum. this is not a volatile stock. i don't expect it to suddenly go to $17. it closed around $16. but i think now you're getting more clarity on to what the direction is for yahoo! and it's not about search. it's about a lot more than just search for yahoo! >> i don't get the positive story.
CNBC
Jan 6, 2010 7:43pm EST
job creation. and that is the reason that we need new leadership in washington. >> just in the last few moments, would you be willing to fight for a lower capital gains tax rate instead of having it go up as congress now to have it come down? would a lower capital gains tax help the state of connecticut and the nation? i'm running out of time but i wanted you to have a whack at that. >> i would certainly consider it. i worked for lower taxes when i was in the state legislature and i want to listen. as a matter of fact, listen to the citizens of connecticut. i've begun that conversation, my mind is open, and i want to come back on your show to answer that question more fully. thank you. >> dick blumenthal, we appreciate you coming on. i know it's been a very busy day. we hope to see more coming up. a. come on! that's pretty far. doc, look who's in town. ellen! copenhagen? cool, right? vacation. but still seeing patients. oh. [ whispering ] workaholic. i heard that. she said it. i... [ female announcer ] the new office. see it. live it. share it. on the human network. cisco. #ñ#ñ#ñ
CNBC
Jan 12, 2010 11:00pm EST
this is a memo to washington. making matters worse, it's the bonuses at goldman sachs that are grabbing all the attention in the headlines. we will be punishing a lot of banks that loan to small businesses in order to get back at goldman. which, by the way, doesn't even do that kind of lending in the normal course of business. i say, argh! remember my mantra. if washington helps stocks go up, i'm on board. but if washington kills one of the rolling bull markets and the one we had in banks was pretty rolling, we're going to get mr. t's forecast, shylock's plea in "the merchant of wall street," and super bear is going to cause us to get hammered. but let's not -- but let's not become too crazy here. this market needed a breather. it needed an excuse. and washington provided a terrific pretext. because obviously the banks weren't the only losers today. all that red hot material stock smoking. sizzling, as i like to say it. which is kind of like steak 'ems. the coppers, the steels, the mighty equipment players. they all got crushed! in part because of fears about china. the source
CNBC
Jan 15, 2010 9:00am EST
back to say some sort of responsibility for the largest howl out there, washington is saying we have to do this by the very same people who voted in favor of the t.a.r.p. bailout without any restrictions, without any oversight, with any controls whatsoever. now after the fact they're saying, hey. how come wall street is doing so well and how come they're doing these bonuses? maybe they should have thought a little bit longer on passing the t.a.r.p. before they did it. but now here we are. >> we can't change what happened in the past but if we over measured and gave them too much and if our plan was just too good for wall street, and not good enough for main street, now is the time to make that adjustment. that's what we're going to do. >> now is not the time. the first problem is constitutional. how you can target just one segment? the second portion is economic. so much of wall street right now is waiting for washington to get out of the way and stop changing the rules of the game. why do they keep doing it? >> wall street and the business community never have a time when they shoul
CNBC
Jan 13, 2010 2:00pm EST
we've seen in the economy is lulling washington to sleep as though this is the most important thing to do. as bill gross said earlier this last decade and with the revisions we'll get on the payrolls next month will be a lo losing decade for jobs. the previous worst was in the 1990s as a percentage of growth was 16.7 and we're going to have a loss this year. there's bigger issues to be fried. >> thank you very much. we appreciate bowing of your taking the time. mr. frank will be our guest later this week. straight out to the trading floors. bob pisani, scott are both in their places. bob, your take on the beige book all? >> yeah, i'd say it's pretty modest. very slow, modest improvement but not a lot of big things to grow about. read that carefully and you'll see they're very, very subdued in their commentary. just want to talk about the banks here. they're leading the markets higher. bank of america, morgan stanley. two comments from the street. one is outright dre derision the big banks who paid back the t.a.r.p. are going to be penalized when the auto companies and aig are left o
CNBC
Jan 15, 2010 5:00pm EST
tussled a little bit. one e-mail in washington, karen, you go girl. so good to see someone on cnbc for once standing up to santelli. thank you. we did get one from tony in tennessee. he wrote, rick san tetelli tellt like it is. bank of macrotouches half of all americans. a bailout tax is a tax on middle class america. another campaign promise cleverly disguised as sticking it to the maf. the e-mails were evenly divided. rick, what do you think here? >> i think it's pretty darn easy to call a winner here. i think the winner is nobody. i look at it this way. if you substitute the u.s. government for a bank and substitute the handful of banks for small businesses no judge in the country would allow this kind of change to an agreement that was made. papered up, very few data points. they could have asked for more. the government didn't do to good job. if they wanted to participate they should have said over the next eight quarters anything over $1 billion you give me 10%. that's the kind of deal i would have made. it's not fair. what is it going to be next? drug companies? energy companie
CNBC
Jan 5, 2010 11:00pm EST
." chris in washington. >> caller: hey, booyah from redland, washington. >> booyah to you. >> caller: jim, it's raining software out here in redmond. i want to know is it a good time to buy at 30 or wait until it goes to 25? what's going on here? mr. softie? microsoft? we want to buy microsoft. they're having a smoking good quarter. we got that window 7 much better than people think. got it in stride. feels like a $35 stock to me. i say pull the trigger. it would be a gift, it would be a gift, mr. redmond, if that stock were to come down from here. i want to steve in ohio. steve-a-rio. >> caller: hey, mr. cramer, steve from columbus, ohio. i wanted to give you a big rose bowl ohio state champion boo, boo, boo ya. >> you know what, i'll take that. i thought stayed -- i thought the buckeyes looked fabulous. hit me! >> caller: yes, they do. i've been doing my home work like you tell everybody to do and i put my home work into the home improvement sector and found lowe's, low has a lot of upside in that six to eight months. >> i'm nothing go to disagree with that judgment of yours. i do belie
CNBC
Jan 26, 2010 4:00pm EST
in washington with the details. hi, hampton. >> reporter: this is the time of day where you need a good stiff drink to look at these deficit numbers. congressional budget office predicting a $1.35 trillion deficit this year, 9.2% of gdp. slight improvement from last august predicting a $1.4 trillion, 9.9% of gdp. a jobs bill and more war spending could increase this year's deficit. the economic outlook foresees a sluggish recovery, unemployment 10.1%, 2% gdp growth in 2011, the unemployment will hover around 9.5%. the deficit could drop to $980 billion if the bush tax cuts expire. there is no single silver bullet solution for fixing the deficit. >> one can narrow or close the deficit gap with a variety of changes in the health programs and social security, in discretionary spending or revenue side in various ways. i think many analysts believe any ultimate solution would involve some combination of those pieces because the gap is simply so large. >> ahead of tomorrow's state of the union address and next week's budget release president obama will propose a three-year freeze on dome
CNBC
Jan 14, 2010 11:00pm EST
again. you are in a position just to -- you are mr. smith. it's mr. kaufman goes to washington. >> i've spent a lot of time down in washington, i know what's going on, and talk about it for years at duke law school. i feel good about the ability to do these things. but it's hard and it's tough. i really appreciate you -- >> are you kidding me? what you do makes me feel good. thank you, senator. senate ted kaufman of delaware. born down the block from me. "mad money" is back after break. >>> i like to say there's always a bull market somewhere. i promise to try to find it just for you right here on "mad money." i'm jim cramer and i'll see you tomorrow. ( whooshing ) announcer: you could buy 300 bottles of water. or just one brita filter. ( drop plinks ) brita-- better for the environment and your wallet. [ female announcer ] most people make resolutions... based on what they see on the outside. ♪ this year, focus on what's inside...
CNBC
Jan 20, 2010 7:00pm EST
about actually getting expenses under control, and we have to hold washington, d.c. accountable for every dollar that they spend. >> carla fiorini, thanks for joining us. coming up, is the vic tri going -- mel zuckerman, who is a very unhappy karcher, al laffer, who sees hope at the end of the tunnel. you're watching cnbc. we are first in business worldwide. >> the banks are the ones that -- particularly -- i just named a few. they paid it back with huge interest. the government made a lot of money on that. and to say that they should be paying for the fact that the government lost or may lose a lot of money, she did. and with the auto companies, it just doesn't make any sense to me. >>> as always, we are money and politics. we've done a burcnch of politic let's get to the money part. chinese banks are being told not to loan money for the rest of the month. is that the reason stocks were up today? robert is here with all the key details. >> hello, larry. that's the pry marimary reason w a drop in the markets. the big groups that were hit, prime energy stocks. material stocks like bh
CNBC
Jan 7, 2010 6:00am EST
the latest from washington. 15% or more on car insurance?e you host: did the waltons take way too long to say goodnight? mom: g'night john boy. g'night mary ellen. mary ellen: g'night mama. g'night erin. elizabeth: g'night john boy. jim bob: g'night grandpa. elizabeth: g'night ben. jim bob:'night. elizabeth: g'night jim bob. jim bob: g'night everybody, grandpa: g'night everybody. jim bob: g'night daddy. vo: geico. 15 minutes could save you 15% or more. hey, coach, seeing you really brings back some great memories. wait a minute, coach, you're the coach. you taught me everything i know. you taught me everything i know about nutrisystem. heck, i lost -- two sports legends, one simple way to lose weight and eat great: marino, shula, and nutrisystem for men. start your year off right. order now and you can get two weeks of meals free, plus, the all-new jumpstart kit, our secrets to ultimate weight loss. like i was saying, coach, with nutrisystem -- let's go to the video. dan "glam man" marino lost 22 pounds. don "blue suede" shula lost 32 pounds. and me, i did go all the way. whoop! 50 pou
CNBC
Jan 14, 2010 4:00pm EST
. cnbc chief washington correspondent john harwood just spoke exclusively with tim geithner about the president's plan to tax big banks in order to recoup financial bailout expenses. called the financial crisis responsibility tax. is that right, john? >> reporter: exactly, maria, and we talked about that and many other issues bow this tax, which has galvanized the attention of wall street, timothy geithner told me it was neither punishment nor politics. take a listen. [ technical difficulties ] sorry. maria, i guess we didn't have that tape. but i started out by -- i started out by -- >> we thought it was economically sensible, fair, good policy, legally necessary to propose now how to make sure that the cost of those are not bourne by people who are innocent victims of all of the wreckage. >> reporter: as you know you've been asked to testify before congress about some memos that came out, congressman issa released regarding aig and advice the new york fed gave to not disclose the full repayments to some counterparties of aig. now, i know that you've said that -- or your spokesman ha
CNBC
Jan 27, 2010 6:00pm EST
ought to be doing something hard about it in washington, and i'm certainly hoping tonight that we'll hear good things and then we'll see not just a talk, but we'll see the walk in the coming months and there's a lot of work to be done because the real unemployment rate is over 18% in this country in terms of people who are either not looking forward because they've given up or because they're working part-time, added to the regular unemployment numbers and we need to wake up to that fact. as an engineer, i've told you before, unless we identify the problem correctly, we'll never come up with the right solution and so far, we haven't been identified, but now you're right, it's coming from everywhere and it's coming hard and fast and the american people are speaking loud and clear. >> all right, dan. one of the things that i talked to some of my people on the right side. the right wingers as i would call them, historically and what they say to me is, jim, you're a cry baby. you've joined a legion of cry babies who now feel the government has to create jobs and you don't believe in the
CNBC
Jan 25, 2010 12:00pm EST
washington correspondent john harwood. chief political strategist at potomac research group, cnbc contributor. john, what are you hearing this morning in terms of vote counts? >> senior white house official will be confirmed comfortably. guess being half the republican caucus and it is going to vote 20 votes for this. will be in the low 60s. >> greg, what's that mean if that comes in the low 60s meaning 40 votes? >> well, that's the point. i think they have been weakened and they have to say the blood lust from the populist for a human sacrifice will persist. i think that they are still out for geithner. we get bernanke, it would have been unthinkable and unforgivable if congress had not approved bernanke. i think that geithner still has real problems. >> in terms of mr. bernanke, though, chairman bernanke, how will if indeed the vote count comes in as is suggested, how does it change or does it change the way that the fed does business? because it dash you know, it certainly is not a huge vote of confidence given what we know now. >> so, everything that he does for the next coupl
CNBC
Jan 12, 2010 9:00am EST
seven 52-week highs on the s&p. happening now in washington, the fdic board is meeting deciding whether to charge higher deposit premiums to banks whose compensation practices are considered risky. this could be the first step to reshape the way bankers are paid. we are monitoring the meeting. we'll bring you a full report in about 20 minutes. erin? >> mark, just looking up at the market here. we're down about 14. we opened down what, 60. there was all of this negative news. everybody worried about china and alcoa. the market's holding in there. how come, you think? >> i look at alcoa almost as a matter of what was in the economy rather than what is. >> than the forecast. >> exactly. prices were under pressure in the aluminum business. there was total demand destruction. but we have seen prices start to come back. demand is obviously picking up. certainly we were building fewer cars and we're building fewer planes but those businesses are starting to pick up as well. so, yes, the market reacted negatively. it's only down 14 points right now. nonetheless, material stocks are unde
CNBC
Jan 20, 2010 4:00pm EST
president obama took office. cnbc chief washington correspondent john harwood takes a year back at what the year was the president's agenda. >> reporter: who would have expected a year ago that the president's world would had been in iraq quite the way it was by scott fwloun massachusetts last night. the president gave an interview on abc today, and he said the same anger that carried him into office carried that republican into the very blue state of massachusetts, but he's not going to be deterred on health care. as press secretary robert gibbs said the central priority when the president took office, is still his main priority. he's not giving up now. >> he didn't do it just because it was a hobby. he did it because in traveling around the country during the election, he heard from families. he heard from small businesses. he heard from large businesses about how the current system was simply unsustainable. it was a priority then, it's a priority now. >> reporter: but, maria, what we've seen is that the president has lost political altitude in that year, as the economy is continued w
CNBC
Jan 13, 2010 5:00pm EST
two years. next guest says it is time to buy. steve cortez. he joins us from washington, d.c. steve, feeling lonely out there right now? >> yes. it is a lonely position. i believe in treasuries. i don't expect i'm going to have allies on your desk today. i do believe in treasuries. joe mentioned earlier the nfl playoffs. treasuries right here are a lot like the baltimore ravens. they are fundamentally sound but they are not sexy and not glamorous. no bells and whistles. flacco passed for 40 yards but won and are dangerous and valuable. that's the way i feel about treasuries here. >> i have to ask you, is the trade, your trade, being bullish on trade, based on overwhelming bearishness or fundamentals there that you think would support that trade like the economy not being as robust or -- i don't know. maybe other reasons. >> yeah. karen, both. for sure. i i'm actually thrilled to hear so many people are bearish. more importantly i think for viewers is the fundamental nature and i'm very focused on the labor market. i brought a chart along today of work force participation. i think th
CNBC
Jan 12, 2010 5:00pm EST
recovery inside tomorrow's beige book. >>> i'm hampton pearson in washington. i'll be watching the initial session of the financial crisis inquiry commission, taking a soul searching look at the root causes of the financial crisis one year later. >>> before we go, let's take a look at how the market begins tomorrow's trading session after some losses today. the dow jones industrial average gave up about 36 points, about.3 of 1%. certainly off of the worst levels of the session. having said that, 10627 on the dow. nasdaq down 30 points. the s&p 500 tonight, weaker by ten points at 11.36. later in the week we're waiting on earnings from jp morgan and intel among others as we again the fourth quarter earnings season in earnest later this week. thanks so much for joining us tonight on "closing bell." i'll see you tomorrow, same time, same place. fast money's up next. have a great night. >>> investors starting to bail before earnings season ramps up. should you? live from the nasdaq market site this is "fast money." is it time to sell intel and jp morgan? these traders have the ways to
CNBC
Jan 27, 2010 11:00am EST
and my colleagues both in washington and in new york can attest to that. >> so there was no formal agreement? >> no. as i said in my testimony what i did is i withdrew from and this was very important to do. again, no precedent for this. a sitting president of the new york fed to be nominated for the treasury and i consulted my colleagues for monetary policy decisions and did i not go to the fomc meeting in december and i withdrew from all decisions about the individual cases from the financial system and that was the right thing to do at that time. >> thank you for clarifying that. number two, a lot of people think that the president of the new york fed works for the u.s. government, but in fact, you work for the private banks that elected you. >> no, that is not true. >> can you provide, for the record the names of the handful of bankers of the board of the new york fed that elected you in 2003. >> that is a matter of public record and of course, we can do that. >> congresswoman, can i just say, what you just said was not true. i work in the public interest. officials of the fede
CNBC
Jan 21, 2010 5:00pm EST
. less is more is what many in the electorate want. it seems as though there's a tone deaf washington in just about every respect. but hey, we have the "fast money" crew. there's got to be boat loads of trades here. >> i find myself agreeing with almost everything you said. but i do think some of the banks are too big to fail. so what were you to do? >> i'm glad you asked. i never would have given anybody bailouts. i wouldn't bailed out counterparties to give money to thegoldmans. >> what would you do right now? >> regulate the products. pure and simple. over the counter derivatives, puritization. those are the characters that made this mess. i would regulate products through very harsh capital requirements. >> that's a good answer. >> and move on. >> rick, i agree with you, too, but i'm surprised that you're surprised over the inconsistency. the white house is in a political maelstrom. there's no place to go. this was very expected. i mean, this is the pivot after health care. this is the bookends of earnings. they warned us before earnings. they warned the banks before earnings, if
CNBC
Jan 24, 2010 6:00am EST
of this in washington, goldman sachs is it. this doesn't mean it's all over. this whole thing could end up like it was for the health care insurers and the stock could be right back up, but i don't know that and i'm not comfortable betting my money, flipping a coin like this. >> quickly, scott, the beauty of options versus stocks is you can lay out less capital. would you be willing to put on a trade that would allow you to own goldman sachs at that lower level? >> absolutely. if you're a trader, then you're going to put the trade on if you think it makes sense. and i'm absolutely with mike. we have all been in a situation where you put the trade on and it is immediately a dead, bang, loser. and that's what happened here. but we are risking less to make more. i think mike makes a lot of sense, though, you don't understand what the situation is. and that's the perfect situation to really get in trouble if you're putting on risk that you're not compensated for, which mike would be if he kept this trade on. and then that's a mistake. i think it makes sense to get out, look at a differe
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